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Nov 19, 2012
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-ed in "the washington post" that's worth reading. "i and my fellow budget geeks can generate discretionary savings for negotiators in a jiffy. tell me how many hundreds of billions you want cut and in a minute i can give you back a new set of annual discretionary limits for the decade." that's the ple. "if policy makers want to save medicare and social security or want additional revenue they must in relatively short order come up with a specific way to reduce programs or raise that revenue. the lines on the spreadsheet must be filled with painful decisions about premiums and copays, benefit levels and tax rates." david, thank you for coming in this morning. >> my pleasure to be here. >> when you talk about those details we don't talk about those specifics about what the copay rate has got to be, for example. do you have any expectation that as we try to solve the "fiscal cliff" that we're going to be getting those details and do we need them to not go over it? >> first i do have, i am hopeful we'll be getting some details over the n
-ed in "the washington post" that's worth reading. "i and my fellow budget geeks can generate discretionary savings for negotiators in a jiffy. tell me how many hundreds of billions you want cut and in a minute i can give you back a new set of annual discretionary limits for the decade." that's the ple. "if policy makers want to save medicare and social security or want additional revenue they must in relatively short order come up with a specific way to reduce programs...
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Nov 12, 2012
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>> people have the impression that washington, d.c. is dysfunctional and cannot resolve the great challenges that america has. and dysfunctional washington and cloud of uncertainty is hurting the whole economy. so the country wants to see particularly after this election that washington, d.c. can come together and solve problems. >> why have you not pulled back already? recognizing what you're saying, which is the uncertainty element even if it gets solved let's say by january 1st, it sounds to me like the uncertainty along the way will put you in a bunch of trouble. >> i believe the odds are much greater that it will get resolved and it is going to get -- >> when are you betting for to be resolved by? >> i think the process of resolving it is going to be completely different than the summer of 2011. i think there was a lot of lessons learned there by both sides. we're past the election. everyone knows the only time you can govern reasonably in this country is after a presidential election. and if you look at the signals from the vario
>> people have the impression that washington, d.c. is dysfunctional and cannot resolve the great challenges that america has. and dysfunctional washington and cloud of uncertainty is hurting the whole economy. so the country wants to see particularly after this election that washington, d.c. can come together and solve problems. >> why have you not pulled back already? recognizing what you're saying, which is the uncertainty element even if it gets solved let's say by january 1st,...
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Nov 15, 2012
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>> let's get back to the topic dominating the conversation from wall street to washington right now. of course it is the looming fiscal cliff. we have made it a bit of a drinking game for those playing at home. i sat down with one of the democratic congressman barney frank and we talked about it. >> sequestration is a terrible idea and that can be very disruptive and if we go into sequestration, yeah, i think that's awful. if the taxes went up on everybody for a month or two, it would be a temporary bump, it would mean slowing down expansion which i think is coming, but you could undo it. >> so the most interesting thing barney frank said yesterday was he believes that it is a bungee cord, if you will, meaning he expects and almost is pushing for everybody to go over the cliff at least for a couple weeks and believes that the 39.6 number is still on the table and that the can democrats and the obama administration still have the mandate. >> you're talking higher marginal rate ps p. >> yes. he doesn't believe there are not enough deductions. so many of the ceos that came out of that m
>> let's get back to the topic dominating the conversation from wall street to washington right now. of course it is the looming fiscal cliff. we have made it a bit of a drinking game for those playing at home. i sat down with one of the democratic congressman barney frank and we talked about it. >> sequestration is a terrible idea and that can be very disruptive and if we go into sequestration, yeah, i think that's awful. if the taxes went up on everybody for a month or two, it...
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Nov 20, 2012
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>> steve every time he talks he says how it's your job, guys, in congress and in washington. it's your job to do things from here. what does he do, call them a bunch of morons at this point? >> maybe he tells them to rise above, that could be the thing he does. >> you got a pin on you? >> i'm wearing a pin here. >> are you going to bring an extra for bernanke? >> what would be the worst thing he could do today? >> oh he's going to be extremely cautious. there's no downside on this one. what he won't do is talk about anything the fed might do to tighten policy down the road. the one mistake they made over the years they were concerned people would be afraid of the inflation outlook that they constantly talked about when they'd take things back and what we're dealing with right now is all of the expiration of the short term stimulus measures on the fiscal side, he doesn't want to create the same cliff problem on the monetary side. >> will he undo what happened to the monetary market, investors decided they're coming to a compromise and he gets on the floor today and says you gu
>> steve every time he talks he says how it's your job, guys, in congress and in washington. it's your job to do things from here. what does he do, call them a bunch of morons at this point? >> maybe he tells them to rise above, that could be the thing he does. >> you got a pin on you? >> i'm wearing a pin here. >> are you going to bring an extra for bernanke? >> what would be the worst thing he could do today? >> oh he's going to be extremely cautious....
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Nov 27, 2012
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and washington either provides or it doesn't. how much is borne locally and -- that's a subject to negotiations. >> what is that number? in the 42 billion that cuomo is talking about? >> i think he's talking about 9 in new york and another huge number for 42 for the state. it's unclear. >> i want to know how much of that is -- that seems like a big number. >> it's a big number. >> i thought about connecticut. connecticut was -- >> how do i respond to you without dissing louisiana? it's new york. more expensive homes. people more packed together. more power outages. everything is bigger and more expensive here. >> i've seen the devastation in shore areas. you've seen it. think about new york city and manhattan being swamped. >> you remember hurricane andrew which flattened homestead down in florida. there were parts of new jersey and long island that look like that. >> not nearly the size -- houses down there were $150,000 a piece. the homes that were destroyed up here were millions of dollars a piece. >> that's what i'm saying. i
and washington either provides or it doesn't. how much is borne locally and -- that's a subject to negotiations. >> what is that number? in the 42 billion that cuomo is talking about? >> i think he's talking about 9 in new york and another huge number for 42 for the state. it's unclear. >> i want to know how much of that is -- that seems like a big number. >> it's a big number. >> i thought about connecticut. connecticut was -- >> how do i respond to you...
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Nov 26, 2012
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he joins us from washington. reasonable people i'm hearing it from more and more say that kicking the can is not the way to go and if we have to go over it, we should go over it. i'm hearing that from republicans and democrats. are you picking up on that, too? a lot of people think that just more business as usual is not the way to do it. >> i couldn't agree more. i don't see the need to go over the cliff. the fact is that this congress has had two dry runs. we've scored every kind of option there is both on the revenue side and on the entitlement reform side and what we need to do is make some decisions. this is easy. steve rattner and i could probably work out a solution before lunch today but i'm encouraged that the president and speaker boehner both are showing flexibility. the fact is that this is really easy to do. i've written a 242-page bill, that's it, it's got over $4.5 trillion in savings by the time you include the budget control acts 917 billion we enacted, it replaces sequestration. this is easy tec
he joins us from washington. reasonable people i'm hearing it from more and more say that kicking the can is not the way to go and if we have to go over it, we should go over it. i'm hearing that from republicans and democrats. are you picking up on that, too? a lot of people think that just more business as usual is not the way to do it. >> i couldn't agree more. i don't see the need to go over the cliff. the fact is that this congress has had two dry runs. we've scored every kind of...
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Nov 29, 2012
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i'm in washington. but i would say if you have these point of views in the business context as close as they are, i would say a deal would be in reach. >> that's another optimistic comment there from lloyd blank fein, obviously a guy who's been in a lot of high -stakes deals. i think those two comments are the kinds of comments that markets should be paying attention to and a lot of the political boiler plaplate situas are not what you should be looking to when you see at where the fiscal plate is actually going. the big question is why lloyd blankfein playing this position now? i remember when they were the pariah in this town. now he's playing more of a statesmanship role, guys. it's fascinating to see here in washington. >> yeah. it's weird, the dynamic, eamon, because there are strn constituents on the left that would look at lloyd blankfein saying anything, and immediately say, i want to do the opposite because he's a bankster. >> totally. totally. he's the guy that's a -- >> anything blank fine sa
i'm in washington. but i would say if you have these point of views in the business context as close as they are, i would say a deal would be in reach. >> that's another optimistic comment there from lloyd blank fein, obviously a guy who's been in a lot of high -stakes deals. i think those two comments are the kinds of comments that markets should be paying attention to and a lot of the political boiler plaplate situas are not what you should be looking to when you see at where the fiscal...
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Nov 14, 2012
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what investors are watching for as the drama unfolds from washington to wall street. get the names only here. >>> plus, what you need to know about the looming fiscal cliff. >> i know the cliff is unattractive. it would cause a lot of damage to the american economy. >> we're going to explain as the second hour of "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" on cnbc, i'm becky kwquick along with jo kernan and andrew ross-sorkin. dow up 60 points above fair value and s&p up by about 6 1/2 points above. of course, these markets can be volatile as we learned yesterday as the market moved back and forth and ended up the day down about 60 points for the dow. in our headlines this morning, we have more recall problems for toyota. the automaker is recalling almost 2.8 million vehicles worldwide to deal with two issues. one involves a water pump and the other is a defect in the steering shaft. no accidents have been reported from either one of these problems yet. >>> cisco system shares getting a boost, cisco earned 48 cents a share for t
what investors are watching for as the drama unfolds from washington to wall street. get the names only here. >>> plus, what you need to know about the looming fiscal cliff. >> i know the cliff is unattractive. it would cause a lot of damage to the american economy. >> we're going to explain as the second hour of "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" on cnbc, i'm becky kwquick along with jo kernan...
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Nov 21, 2012
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washington has big problems, and the solutions are probably going to mean painful medicine around. is there a moment when the markets wake up and realize and say, oh, my gosh, we have to realize we are talking about spending cuts, higher taxes and combination of these two things could lead to some troubling times for the markets too? >> well, that's going to be found out once the deal is in. let's say they had some sort of a deal and you start breaking it down. you'll have to look at how is it going to impact the economy? i imagine they're going to do it to minimize whatever impact there is. it seems to me, there's growth in this economy and we're looking for a place to spring board from it. so they're not going to want to ruin that chance. but until the details are out, we're really not going to want to know. >> we have not talked fiscal cliff with you in-depth on these things. what it means for the markets now, the changes, potential tax law changes could mean. what are you hopeful about? what are you worried about? >> for the next five years, ten years, a very simple model. you
washington has big problems, and the solutions are probably going to mean painful medicine around. is there a moment when the markets wake up and realize and say, oh, my gosh, we have to realize we are talking about spending cuts, higher taxes and combination of these two things could lead to some troubling times for the markets too? >> well, that's going to be found out once the deal is in. let's say they had some sort of a deal and you start breaking it down. you'll have to look at how...
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Nov 23, 2012
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corporate leaders calling on compromise in washington. we have the ceo of motorola. "squawk" on monday at 6:00 eastern in the morning. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use. it's the ultimate combination of speed, small size, and low-cost printing. >>> >>> day after thanksgiving. not a line but definitely people out and about on this friday morning. coming up, we are going to give dana the last word on the consumer and then on monday on "squawk" don't miss it. motorola solution ceo greg brown warning congress that doing nothing on the fiscal cliff will be undermining the economy. where's your gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. you know, one job or the other. the moment i could access the retirement plan, i just became firm about it -- "i'm done. i'm out of here." you kno
corporate leaders calling on compromise in washington. we have the ceo of motorola. "squawk" on monday at 6:00 eastern in the morning. or that printing in color had to cost a fortune. nobody said an all-in-one had to be bulky. or that you had to print from your desk. at least, nobody said it to us. introducing the business smart inkjet all-in-one series from brother. easy to use. it's the ultimate combination of speed, small size, and low-cost printing. >>> >>> day...
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Nov 6, 2012
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chief washington correspondent john harwood joins us from new york this morning. it just occurred to me, john, 5-5 in dixville notch, 16-5 last time. did 11 obama supporters just not show up and is that a metaphor for what we're really watching today, how many of the real zealous obama supporters from last time come out? i don't know. what do you think? we probably shouldn't call -- you have not called the election yet on dixville moch? >> i'm not calling it based on dixville notch, but what could be more appropriate in an a 5-5 showing. we have a deadlock national race. all the polls show very close. although yesterday we had an abc "washington post" poll showed obama ticking up to plus three. our poll didn't show over the weekend, obama did not show any particular movement one direction or the other. but we've got to wait and see. and you pouyou pointed to the t question. that's really what it's about. what is the turnout of white voters as compared to african-americans and hispanics. romney dominates whites. obama dominates the minority vote. a related question
chief washington correspondent john harwood joins us from new york this morning. it just occurred to me, john, 5-5 in dixville notch, 16-5 last time. did 11 obama supporters just not show up and is that a metaphor for what we're really watching today, how many of the real zealous obama supporters from last time come out? i don't know. what do you think? we probably shouldn't call -- you have not called the election yet on dixville moch? >> i'm not calling it based on dixville notch, but...
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Nov 30, 2012
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you both know politics well and know what's happening in washington. judd, start things off and explain is it as dire as we think it is by reading into some of these headlines today by seeing what was said yesterday? >> i don't think so. i think that -- you have a situation where you have this unique period in american governance, every power years where people can govern because politics is a little bit behind -- little bit back, takes a back seat during this period. everybody has run for office and know their position of power, musical chairs. everybody has their chair except mitt romney. plus you have a forcing mechani mechanism, the fiscal cliff. congress needs forcing mechanisms to act. plus, both with the president and speaker they have a reason to reach ain't agreement. political reason. the speaker it is because he knows republicans will take the hit if we go over the cliff. that's the way it is. the president has the microphone. and the president -- cane believe he wants to start the presidency out with a recession. i mean, this -- next term.
you both know politics well and know what's happening in washington. judd, start things off and explain is it as dire as we think it is by reading into some of these headlines today by seeing what was said yesterday? >> i don't think so. i think that -- you have a situation where you have this unique period in american governance, every power years where people can govern because politics is a little bit behind -- little bit back, takes a back seat during this period. everybody has run...
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Nov 1, 2012
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this is what leadership's all about, and you can't do this from washington. i hear people talk about how kind of demanding the president do something. the president did what he did yesterday. that's about the extent to which he can play a role, and that's to be consoler-in-chief and make sure the federal government doesn't screw up, i guess, but basically this is a local and state responsibility. the federal government can provide financial support. >> governor, we've been just talking about the hurricane deductible, apparently the states of new york, new jersey and maryland are saying that hurricane deductibles which can be anywhere from 1% to 5% for the value of a homeowner that will not apply in this situation, they say it was not a hurricane when it touched shore on any of those states. you probably have experience with dealing with some of the issues, too, what do you think of this? >> it looked like a hurricane to me. i'm not an expert on whether it's, when it stops being a hurricane. look, you're going to -- there's a price to pay, i know this after th
this is what leadership's all about, and you can't do this from washington. i hear people talk about how kind of demanding the president do something. the president did what he did yesterday. that's about the extent to which he can play a role, and that's to be consoler-in-chief and make sure the federal government doesn't screw up, i guess, but basically this is a local and state responsibility. the federal government can provide financial support. >> governor, we've been just talking...
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Nov 28, 2012
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john harwood in washington with more. and john, certainly seems like the pressure is rising to maybe reach some sort of a deal. my question, the ceos headed there today, are they firmly in the president's camp on this? or trying to push both sides to reach some agreement? >> i think they're trying to push both sides and, you know, business executives are generally speaking in the camp of wanting a solution, but as with any constituent, it comes down to what the details of the agreement are as to whether they want a tax increase, if it affects somebody else's tax loophole as opposed to their own. and that's the balancing act that politicians have. what we have going on here, becky, is a three-way conversation. politicians talking to the public, part of these events are for the american people to see that these leaders are working on this. the president's hitting the road to pennsylvania later in the week, republicans are doing events with small business people, as well. you have a conversation between politicians and busin
john harwood in washington with more. and john, certainly seems like the pressure is rising to maybe reach some sort of a deal. my question, the ceos headed there today, are they firmly in the president's camp on this? or trying to push both sides to reach some agreement? >> i think they're trying to push both sides and, you know, business executives are generally speaking in the camp of wanting a solution, but as with any constituent, it comes down to what the details of the agreement...
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Nov 9, 2012
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stocks have been falling pretty rapidly as investor anxiety rises about what's going on in washington. joe mentioned the major averages. traditionally that's a sign that more selling could be ahead and sure enough, take a look at the futures this morning. not looking to rebound today. they are below fair value once again. among our newsmakers ready to talk, we have ralph schlosstein and also cloutiee says uncertainty is keeping businesses from asking him for loans. and at #:00, we'll turn to two former governor, judd gregg and ed rendell both understand the dire consequences of doing nothing to overt the fiscal cliff and what would happen if we went over that fiscal cliff. first before we get to all of that, andrew has this morning's top stories. >>> good morning. we have a big day ahead of us. and the fiscal cliff conversation begins today. president obama will be making a statement on the economy. he'll speak from the east room of the white house at 1:05 eastern time. you can of course catch all of it right here on cnbc. john boehner is also scheduled to hold a you news conference t
stocks have been falling pretty rapidly as investor anxiety rises about what's going on in washington. joe mentioned the major averages. traditionally that's a sign that more selling could be ahead and sure enough, take a look at the futures this morning. not looking to rebound today. they are below fair value once again. among our newsmakers ready to talk, we have ralph schlosstein and also cloutiee says uncertainty is keeping businesses from asking him for loans. and at #:00, we'll turn to...
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Nov 13, 2012
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new york and washington, minor delays. they may stack up a bit into the afternoon, so be patient out there. and then boston, seattle, mostly minor. los angeles, no issues to speak of. a little marine layer, but you should be just fine. let's pitch it back to you you. >> did you actually just run out to the set? did we catch you? >> a little bit kind of sort of, but not really. i was really intrigued by last block. we heard a little bit of corduroy the bear and the societal collapse. >> sorry. >> are you kidding me? i was terrified last block the stuff we were hearing. >> zombies. >> search government preparation for zombie attack. where are you based, are you -- you're not in georgia, are you you? >> we're in atlanta. >> oh, good. that's where the walking dead takes place. >> you're exactly right. so we have got zombie patrol out right now and still looking for one of the zombies as the corduroy bear. love it. >> reynolds, go for the brain. p through the eyes. >> will do it. >> i like it, he plays with us. in sports news,
new york and washington, minor delays. they may stack up a bit into the afternoon, so be patient out there. and then boston, seattle, mostly minor. los angeles, no issues to speak of. a little marine layer, but you should be just fine. let's pitch it back to you you. >> did you actually just run out to the set? did we catch you? >> a little bit kind of sort of, but not really. i was really intrigued by last block. we heard a little bit of corduroy the bear and the societal collapse....
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Nov 8, 2012
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i think what will be very critical is the extent to which washington can 3450u6 bamove ba center. and that will take sacrifice on both sides. however the democrats in particular are going to read 50% of the national vote on one side, we know how bill clinton reacted to 49% in 1996. he moved to the center. how the democrats view 50%, that's all they got on the national vote, yet some people would say we belt our lead in the senate and house so we do have a mandate. i think what's been lacking, we need compromise and if we can get it that and understanding on both sides that our taxes will have to go up, there's no question taxes will have to go up. the question is what sort of taxes. i don't think we should be tinkering with top marginal rates. it's beyond just what the stock market is telling you. tinkering with top marginal rates tinkers with the fundamental incentive system in the economy. there are other ways to create revenues. on the other side, there's no question that we have to attack the spending side and the entitlements. so it's going to come down to washington moving t
i think what will be very critical is the extent to which washington can 3450u6 bamove ba center. and that will take sacrifice on both sides. however the democrats in particular are going to read 50% of the national vote on one side, we know how bill clinton reacted to 49% in 1996. he moved to the center. how the democrats view 50%, that's all they got on the national vote, yet some people would say we belt our lead in the senate and house so we do have a mandate. i think what's been lacking,...
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Nov 7, 2012
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this ticking clock can be heard from washington to wall street. we turn our attention to this immediately today. you have corporate leaders from jamie dimon, warren buffett to jeff immelt. among our partners in the crusade, we have a trio of duelling guest hosts. we are joined by jared bernstein. also tony fratto. at 7:00 eastern, roger altman, and david walker. in the final hour, we have two former chiefs of staff. john pedesta and ken uberstein. >> let's begin with the presidential race. phil lebeau has been working overtime. he spent the night at obama headquarters in chicago. hampton pearson is with the romney team in boston. but phil, we will start with you. >> andrew, good morning. it's only been a couple of hours since president obama gave his victory speech here at mccormick place. and that speech a lot of people were looking at and said did it set at least initially the tone for his second term in office. during the speech, he talked about the country coming together and ending the divisiveness that has been typified by the campaign over
this ticking clock can be heard from washington to wall street. we turn our attention to this immediately today. you have corporate leaders from jamie dimon, warren buffett to jeff immelt. among our partners in the crusade, we have a trio of duelling guest hosts. we are joined by jared bernstein. also tony fratto. at 7:00 eastern, roger altman, and david walker. in the final hour, we have two former chiefs of staff. john pedesta and ken uberstein. >> let's begin with the presidential...
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Nov 5, 2012
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there's a correlation between the outcome of the last washington, d.c. redskins football game prior to the presidential election and the drought come outcome of the election. miss torically when the redskins win, the incumbent wins. doesn't mean for sure, andrew. in 18 presidential contests, only once has this rule not held. that was in 2004 when president bush defeated john kerry despite a redskins loss. if history holds true, yesterday's redskins loss mean as victory for mitt romney and i pointed out the labor day indicator, we'll sea what happehappesee what happens with the markets today. joining us from new york is john harwood, who is probably saturday about that washington game for up a kell of reasons. but -- >> only one. >> those are the numbers. what else is -- speaking of football analogies, strained and tortured at this point, where with are we thousand wi are we now with the election? >> still one score, field goal, with about 40 seconds on the clock for mitt romney. we had a spade of polls over the weekend by nbc and the wall street journal,
there's a correlation between the outcome of the last washington, d.c. redskins football game prior to the presidential election and the drought come outcome of the election. miss torically when the redskins win, the incumbent wins. doesn't mean for sure, andrew. in 18 presidential contests, only once has this rule not held. that was in 2004 when president bush defeated john kerry despite a redskins loss. if history holds true, yesterday's redskins loss mean as victory for mitt romney and i...
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Nov 16, 2012
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>> how would we feel in washington about that? >> would it be a natural security concern in. >> tell him to take his rise above button off. that is not rise above. >> yoplait and the french. >> oui! >> no way, they love mcdonald's. >> we want some sort of a solution to the fiscal cliff, we'd like to see something like that. yesterday on cnbc, alan simpson and erskine bowles weighed in on expectations for the fiscal cliff and the potential for getting a deal done on debt. they joined maria yesterday on "the closing bell" and here's what erskine bowles had to say about america's global competitiveness. >> if we get our house in order the future of america is really bright and question compete with the best and brightest. if we don't, we're well on our way to becoming a second rate power. >> joining to us talk competitiveness and the ifisical cliff is mirkle porter, harvard business school professor and michael great to see you. >> great to see you becky and austan great to see you as well. you are one of our great leaders in trying
>> how would we feel in washington about that? >> would it be a natural security concern in. >> tell him to take his rise above button off. that is not rise above. >> yoplait and the french. >> oui! >> no way, they love mcdonald's. >> we want some sort of a solution to the fiscal cliff, we'd like to see something like that. yesterday on cnbc, alan simpson and erskine bowles weighed in on expectations for the fiscal cliff and the potential for getting a...
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Nov 2, 2012
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. >> we'll be in washington next week together so we can talk more about it. i really value the statistics, the quality of the statistics but the important point is getting the best quality statistics and this number has access to things the federal government doesn't right now. >> i have a question on this. if mark comes in on our jobs day discussion and wields the adp report as if it backs up what he's saying, is that unfair? >> i've already pointed that out. >> oh, yes. >> stinks to high heaven, austan. >> cuts both ways. >> i'm on the line here. >> he's not a normal participant. he's got way too much inside info now. >> because it's a third revision, you know, austan, i think it's still good. >> there's no prize for being right. if it was we'd have omonitor it more closely. i don't think he's eligible for prizes. >> i'll agree with you on that. there is no prize. >> austan, diane and mark will stick with us for the report as we get it at :30. >> couple points, number one because of the flammability of fuel, the wiring is higher at a gas station to be able
. >> we'll be in washington next week together so we can talk more about it. i really value the statistics, the quality of the statistics but the important point is getting the best quality statistics and this number has access to things the federal government doesn't right now. >> i have a question on this. if mark comes in on our jobs day discussion and wields the adp report as if it backs up what he's saying, is that unfair? >> i've already pointed that out. >> oh,...